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UK retail sales drop 5.1% in March

UK retail sales drop 5.1% in March

Retail sales in the United Kingdom showed 5.1 percent drop in March, compared to analysts’ forecasts of 4.5 percent fall. In February, retail sales saw a 0.3 percent decline, the ONS data released on Friday showed.

Excluding fuel, sales volume dipped 3.7 percent, following a 0.5 percent decrease in February.

The annual signaled a 5.1 percent drop, retreating from a previous of 0.0 percent. Without fuel, the annual pace was 4.1 percent down.

Yesterday, the Bank of England has warned that Britain faces its worst slump in at least a century after a report showing the composite PMI recorded a contraction of 12.9 in April, the worst reading since Markit started recording this data more than two decades ago.

As of 07:25 GMT, the pound traded slightly lower versus the US dollar at 1.2328, set for a weekly drop, ahead of U.S. durable goods data due later in the day.

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